https://www.taxtmi.com/caselaws?id=451300 The Allahabad HC held that the 120-day timeline under Section 132B(1)(i) for releasing seized assets is directory, not mandatory. The court rejected the petitioner's argument that seized cash must be automatically released after 120 days without an order. The assessing authority retains jurisdiction to decide release applications even after the timeline expires, with interest liability at 18% per annum for delays. The court distinguished this provision from Section 132(8) which contains mandatory release provisions. The HC directed the assessing authority to decide the pending release application within two weeks. en-us Tue, 19 Mar 2024 00:00:00 +0530 Thu, 29 Aug 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451300 The Allahabad HC held that the 120-day timeline under Section 132B(1)(i) for releasing seized assets is directory, not mandatory. The court rejected the petitioner's argument that seized cash must be automatically released after 120 days without an order. The assessing authority retains jurisdiction to decide release applications even after the timeline expires, with interest liability at 18% per annum for delays. The court distinguished this provision from Section 132(8) which contains mandatory release provisions. The HC directed the assessing authority to decide the pending release application within two weeks. Case-Laws Income Tax Tue, 19 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451300